This article is from the Australian Property Journal archive
BUS and coach operator Kastoria Bus Lines has paid $4.6 million for a 1.9 ha site at Tullamarine in Melbourne’s north.
Jones Lang LaSalle associate director Robert Butera negotiated the deal and said the property is an ideal offering for Kastoria Bus Lines given the size and suitability of the land.
“Rarely does anything of this size with this configuration come up on the market.
“The site is a strategic purchase for Kastoria Bus Lines as while it is ideal for current business operations, it also offers huge development opportunity, with 60 metres frontage to Western Avenue, which could see the value increase dramatically over time,” Butera added.
The company will relocate its headquarters to the new site, which will also act as the central depot location for the Northern district bus routes.
Located at 21-29 Western Avenue, Tullamarine, only metres from Mickleham Road and Tullamarine Fwy, the property is next door to Fairfax’s $220 million print centre and abutting the MIAC Estate.
“The property has plenty of development opportunity for the future and is being purchased to accommodate the ever growing transportation needs of local community (Keilor, Hillside, Watergardens, Taylors Lakes) being serviced by Kastoria Bus Lines,” Kastoria Bus Lines owner Domenic Sita said.
Australian Property Journal
